US unemployment rate dips to 7.8 percent: Is the US economy recovering?
Linkedin

US unemployment rate dips to 7.8 percent: Is the US economy recovering?

Washington : DC : USA | Oct 05, 2012 at 6:43 AM PDT
XX XX
Views: Pending
 
Job Losses Slow to 247000; Jobless Rate Dips

The U.S. unemployment rate dropped to 7.8 percent according to a Labour Department report. Employers added 114,000 jobs in September. The figures for July and August were also revised, with the U.S. economy adding 146,000 jobs per month from July through September. These are positive signs for the U.S. economy.

The unemployment rate is the lowest since 2009 and the Obama Administration has added 325,000 jobs during its mandate according to the Washington Post

The majority of jobs, 44,000 were added to healthcare and there were modest gains in transportation and warehousing. Still the economy is sluggish and many of the the jobs added were part time jobs. 8.6 million of those employed want full time jobs, which represents 7.6 percent of the workforce.

The Labour Department reports that among major working groups the unemployment rate for adult women was 7 percent percent, whites 7 percent, teenagers at 23.7 percent, blacks 13.4 percent and hispanics 9.9 percent. The rates for youth, blacks and hispanics remain unchanged. Labour Department

40.1 percent or 4.8 million people have been unemployed for more than 27 weeks. Discouraged workers, those that believe no job is available for them, amount to 802,000 people.

While health care and transportation edged up, manufacturing jobs declined by 16,000. This leaves manufacturing virtually unchanged since August.

Nonetheless the markets responded positively with the Dow Jones edging up 15 points once the report was released.

Job creation and unemployment were major issues discussed during the debate on Tuesday night. Another positive jobs report and the slipping of the unemployment rate to 7.8 percent are positive for President Obama's quest for re-election. It will be seen as another feather in the hat for the Obama campaign.

Mitt Romney doesn't see it that way, he commented on the new jobs figures, stating that this is not what a real recovery looks like, pointing out that 600,000 manufacturing jobs have been lost since President Obama took office. He reemphasize that 23 million Americans are unemployed, nearly one in six living in poverty, while 47 million people are depenent of food stamps.

Mitt Romney's Statement

”This is not what a real recovery looks like. We created fewer jobs in September than in August, and fewer jobs in August than in July, and we’ve lost over 600,000 manufacturing jobs since President Obama took office. If not for all the people who have simply dropped out of the labor force, the real unemployment rate would be closer to 11 percent. The results of President Obama’s failed policies are staggering – 23 million Americans struggling for work, nearly one in six living in poverty and 47 million people dependent on food stamps to feed themselves and their families. The choice in this election is clear. Under President Obama, we’ll get another four years like the last four years. If I’m elected, we will have a real recovery with pro-growth policies that will create 12 million new jobs and rising incomes for everyone.”

Canada with a population the size of California, added 52,100 jobs, which was five times more than economists had expected. Yet the unemployment rate edged up to 7.4 percent. Does that make sense? This is half the jobs the U.S. economy created.

The vast majority of Canadian jobs were full time jobs and were taken by the 22-54 age group.

“With this increase, the employment level for core-aged men is back to its pre-recession peak of October 2008,” said Statistics Canada

The majority of Canadian jobs were created in retail and wholesale, 34,000, while construction added 29,000 jobs.

1 of 1
Romney has been hammering Obama over Labor Department figures which showed that the unemployment rate dipped to 8.1%
Romney has been hammering Obama over Labor Department figures which showed that the unemployment rate dipped to 8.1%
Karl Gotthardt is based in Edmonton, Alberta, Canada, and is an Anchor on Allvoices.
Report Credibility
 
  • Clear
  • Share:
  • Share
  • Clear
  • Clear
  • Clear
  • Clear
 
 
 
Advertisement
 

News Stories

 
  • Game changer: Unemployment figures rob Romney talking point

    Submitted By: INVIGILATOR | almost 2 years ago
    The jury is out on whether Friday's drop in unemployment figures will make a huge difference in the outcome of November's presidential election. One thing's for sure, though: It robs Mitt Romney and his supporters of one of their biggest talking ...
  • Unemployment falls sharply to 7.8%, a 3 1/2-year low

      Los Angeles Times
    The nation's unemployment rate fell sharply to 7.8% in September, the lowest level since January 2009 when President Obama took office. And the government reported Friday that job growth this summer was stronger than previously estimated. Overall,...
  • US jobless rate falls to 7.8 pct., 44-month low

      Minneapolis Star Tribune
    The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years. The rate declined because more people found work, a trend that could have an impact on undecided voters in the final month...
  • Jobs report expected to show modest growth

      News Press
    The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years. The rate fell because more people found work, a trend that could impact the presidential election. The Labor Department says...
  • Unemployment Rate Drops To 7.8 Percent; 114,000 Jobs Added To Payrolls

      National Public Radio
    The nation's unemployment rate fell to 7.8 percent in September from 8.1 percent in August even though just 114,000 jobs were added to private and public payrolls, the Bureau of Labor Statistics reports . We'll have more from the report, as well as...
  • In wake of debate, weak job numbers expected

      SF Gate
    With President Barack Obama knocked off stride and the election looming, the government is issuing new unemployment data likely to underscore the slow economic recovery and ensure that jobs remain the top issue of the presidential campaign. Friday's...

Blogs

 >

Images

 >
 

More From Allvoices

Report Your News Got a similar story?
Add it to the network!

Or add related content to this report

Most Commented Reports



Use of this site is governed by our Terms of Use Agreement and Privacy Policy.

© Allvoices, Inc. 2008-2014. All rights reserved. Powered by PulsePoint.